OMAHA, Neb. (KMTV) — Nebraska lawmakers are considering eliminating a tax credit program that has helped save hundreds of historic buildings across the state for more than a decade.
Gov. Jim Pillen is asking the Legislature to end the Nebraska Historic Tax Credit, which gives developers a tax break of up to 25% for saving old buildings and turning them into revenue-generating spaces like stores, offices, or apartments.
Jake Hoppe is part of the team currently using the credit to rehabilitate Ernie Chambers Court in North Omaha. The group is adding 61 new affordable housing units to the existing 70 units.
“[It’s] a very small investment on the state's par. They’re getting a really huge return in, you know, a large-scale affordable housing project,"Hoppe said.
Hoppe said that without the tax credits, some affordable housing units would not be built at all. There is already a shortage of affordable housing units in Omaha. About 18,000 additional units are needed by 2030, according to the 2023 Omaha Housing Affordability Plan from 2023.
In the Legislature, a committee hearing on the matter is scheduled for Wednesday afternoon.
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